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Late payment consultation 28/11/2014 New proposals obliging large and listed companies to publish detailed information about their payment practices and performance have been unveiled

Late payment consultation

New proposals obliging large and listed companies to publish detailed information about their payment practices and performance have been unveiled by the Business Minister Matthew Hancock.

The consultation paper proposes that companies report on the following metrics.

  • the proportion of invoices paid beyond terms
  • the proportion of invoices paid within 30 days
  • the proportion of invoices paid over 30, 60 and 120 days
  • the average time taken to pay invoices

This will allow appropriate benchmarking of payment performance. The Government is also proposing that firms report on five additional areas in narrative form:

  • a description of standard payment terms
  • changes to standard periods for payment
  • a company’s invoice dispute resolution mechanism
  • e-invoicing
  • supply chain finance
  • membership of voluntary payment codes

The Government believes that this measure will give suppliers the information that they need to negotiate fair contract terms, challenge unfair terms and better plan when to expect payment. It will increase competitive pressure to improve payment practices and policies in line with peers. It will also encourage businesses to process their payments more efficiently.

Comments are sought by 13th January 2015.

 

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